Friday was a busy day for ETF investors, who poured a net $3.22 billion into funds, according to data from Etf.com. The money went mostly into U.S. equities and Treasuries, while gold took a hit.

U.S. equity ETFs led the charge with $1.93 billion in net inflows, followed by U.S. fixed-income ETFs at $911.59 million. International equity ETFs added another $430.42 million. That's a solid day by any measure.

At the individual fund level, the iShares 0-3 Month Treasury Bond ETF (NYSE: SGOV) was the top creation, pulling in $477.43 million. Right behind it were the iShares Russell 2000 ETF (NYSE: IWM) with $454.03 million and the iShares Russell 1000 Value ETF (NYSE: IWD) with $425.29 million. The iShares Semiconductor ETF (NASDAQ: SOXX) also made the top list, with $410.26 million in inflows.

On the flip side, gold ETFs saw big redemptions. SPDR Gold Shares (NYSE: GLD) led all outflows with $365.45 million, while iShares Gold Trust (NYSE: IAU) shed another $74.91 million. Combined, that's roughly $440 million leaving gold, contributing to a $275.07 million net outflow for commodity ETFs overall.

QUICK CONTEXT: ETF Flows Favor Equities, Treasuries

What does this tell us? Investors are clearly favoring U.S. equities and fixed income right now. U.S. equity ETFs saw inflows equal to 0.02% of assets, while U.S. fixed-income ETFs saw 0.04% of assets. That might sound small, but in dollar terms, it's significant.

The mix of leaders is interesting. SGOV, which holds ultra-short Treasury securities, was the day's biggest creation, suggesting a defensive tilt. But IWM and IWD point to demand for small-cap and value exposure, which are more cyclical plays. And SOXX's $410.26 million inflow shows continued appetite for semiconductor stocks.

Gold, meanwhile, was the clear loser. GLD and IAU together saw about $440 million in redemptions, dragging down the commodity category. Leveraged ETFs also saw $126.02 million in net outflows, while inverse ETFs attracted $199.68 million.

Overall, the flows suggest investors are adding exposure across equities and bonds while trimming commodities and some leveraged strategies. It's a classic risk-on, but cautious, positioning.